Subsequent Events

12 Months Ended

Apr. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 1, 2023, the Company acquired Jawl Lumber Corporation, which provides service to the Vancouver Island market in Canada under the Home Lumber and Building Supplies ("Home Lumber") brand name. Home Lumber is a leading supplier of lumber, engineered wood, doors, framing packages and siding as well as other key complementary building materials. Home Lumber operates from a single location in Victoria, Canada.

On May 12, 2023 and as discussed in Note 7, “Long-Term Debt,” the Company amended its Term Loan Facility to provide refinancing term loans in the aggregate principal amount of $500.0 million, the net proceeds of which were used by the Company, together with cash on hand, to refinance the Company’s existing Term Loan Facility outstanding balance of $499.5 million and pay related fees. The amendment extended the maturity date by seven years from the date of the amendment to May 12, 2030.

In connection with the amendment to the Term Loan Facility, the Company entered into (a) new interest rate swap agreements for two years with notional amounts totaling $300.0 million to convert the variable interest rate on a portion of the term loans outstanding to a fixed 1-month SOFR interest rate of 3.899% and (b) a forward interest rate collar for years 2025 through 2029. The objective of such hedging instruments is to eliminate the variability of interest payment cash flows associated with the variable interest rates under the Term Loan Facility and otherwise hedge exposure to future interest rate moves.